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Narrow Ranges In Early Trade

FOREX

There has been a muted start across G-10 FX on Thursday morning, ranges are narrow with little follow through on moves.

  • AUD is a touch lower, however yesterdays lows remain intact for now. The final read of July Services PMI ticked lower to 47.9 from 48.0. Support in AUD/USD comes in at $0.6527 (yesterdays low) and $0.6485, the low from Jun 1.
  • Kiwi is little changed, a narrow 10 pip range has persisted thus far. AUD/NZD is a touch firmer.
  • Yen is marginally firmer, however narrow ranges are persisting. Bulls are in the driver seat for USD/JPY; resistance comes in at ¥143.55 (high from Aug 1), ¥144.20 (high from Jul 7) and ¥145.07 (high from Jun 30 and bull trigger). Support is at ¥141.13, the 20-Day EMA.
  • Cross asset wise; e minis are little changed as are US Tsy Yields.
  • In Asia today we have July Caixin Services PMI as well as Q2 Retail Sales from Australia. Further out the latest monetary policy decision from the BOE provides the highlight.
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